The transfer window, which is a bit different this year thanks to the Club World Cup, opens in the Premier League, German Bundesliga, French Ligue 1, Spanish LaLiga and Italian Serie A on June 1 for 10 days before closing and opening again June 16.
But clubs have already been busy planning their business after a long season. There were plenty of big moves last summer, so can we expect a repeat?
ESPN reporters have everything you need to know about the top teams' hopes as they delve into deals that might be in the cards. Who will come in? Who will depart?
Budget: Having conducted very little business during the past few transfer windows, Liverpool are in a strong financial position heading into this summer. However, the club's policy is to spend only if the right players are available.
What does the team need? Considering Liverpool won the league at a canter this season, it seems strange to say they need a major shakeup, but Arne Slot's side could benefit from some additions. With Trent Alexander-Arnold departing on a free transfer, there's a vacancy at right back, and reinforcements at left back and center back are also needed. Uncertainty over the future of Darwin Núñez means Liverpool are likely to be in the market for a No. 9 and might also look to replace Alexander-Arnold's creativity by adding another midfielder.
Budget: Arsenal have a degree of headroom in their profit and sustainability rules (PSR) calculations, plus co-chairman Josh Kroenke is on record saying, "We plan to invest," so the Gunners have the ammunition and the intent to be aggressive.
What does the team need? A striker. It needed one last summer. It needed one in January. It needs one now. It will also look to strengthen in midfield and add a wide attacking player. And a backup goalkeeper will be required.
Any new contracts? There is confidence Bukayo Saka will sign a new long-term deal despite his status demanding a salary increase to put him among the best-paid players in the Premier League. The club will also pursue fresh agreements with Saliba, Gabriel Magalhães and Gabriel Martinelli, and Arteta confirmed last week that Arsenal would like to keep Partey. Young Ethan Nwaneri and Myles Lewis-Skelly broke into the first team this season, and negotiations are underway to reward them accordingly. Leandro Trossard is also close to signing an extension with one year left on his agreement. -- James Olley
Budget: There is nothing to worry about in terms of PSR, so there is money to spend even after the €150m outlay in January.
What does the team need? Despite a disappointing season, Pep Guardiola is not expecting a massive overhaul. There will be a midfield revamp and probably a signing at right back. The rest will depend on who wants to go. City don't need a goalkeeper right now, but if Ederson is sufficiently tempted by the money on offer from Saudi Arabia, he will need to be replaced.
Who are the major targets? City want to do midfield deals for AC Milan's Tijjani Reijnders and Nottingham Forest's Morgan Gibbs-White quickly. Reijnders could arrive before the Club World Cup, but negotiations over Gibbs-White are considered more complicated. Juventus' Andrea Cambiaso, who can play on the left and right, is an option at fullback. If City end up needing a goalkeeper, one name in the frame is FC Porto's Diogo Costa.
Who could be leaving? Kevin De Bruyne is departing on a free transfer and Kyle Walker is set to follow him out of the door after spending the second half of the season on loan at Milan. James McAtee had lots of interest from clubs in the Premier League and Bundesliga in January and could leave if a suitable offer arrives. Jack Grealish's future also looks uncertain after a season on the sidelines. Ederson has one year left on his contract, so if City want to recoup a transfer fee, then now is the time to let him go.
What does the team need? A new right back and cover for Isak up front are the primary objectives. Injuries have started to catch up with 34-year-old right back Kieran Trippier and although Jacob Murphy has done an outstanding job deputizing, his natural position is further forward, so a replacement for Trippier is key. Further forward, the likelihood of 33-year-old striker Callum Wilson leaving at the end of his contract means manager Eddie Howe will need to make a signing.
Who are the major targets? After being forced to offload players last summer to comply with PSR, Newcastle are in a much stronger position, and Howe said recently that the club could look to take advantage of rivals having to do deals to avoid breaching the rules themselves. Newcastle are monitoring Liam Delap at Ipswich, fully aware that he would be an inexpensive acquisition with his £30m release clause. Brighton & Hove Albion's João Pedro is another forward the club has scouted in recent weeks. A move for Manchester City winger Grealish has also been the subject of speculation, but that deal could be costly because of the England international's salary.
Who could be leaving? Newcastle are determined to hold onto Isak, but there is strong interest in the Sweden striker from Arsenal and Liverpool. The 25-year-old could also attract offers from Europe's biggest clubs if Newcastle signal a readiness to do business, although that remains unlikely. Though sources said Bruno Guimarães is the subject of interest from Al Ittihad in Saudi Arabia, Newcastle do not want to lose the Brazil midfielder. Wilson, Jamaal Lascelles and Jamal Lewis are all out of contract and set to leave.
Any new contracts? A deal for Isak could be in the cards now that Champions League football has been assured. The 25-year-old's existing deal runs until 2028, but a significant pay raise might be needed to keep him out of reach of interested clubs. -- Mark Ogden
Budget: Chelsea complied with PSR this season and recorded a pretax profit of £128.4m after selling a hotel and their women's team. There will be money to spend, but accounting creativity can get them only so far without player exits.
What does the team need? A potent center forward is at the top of their list, along with a winger and an upgrade at center back. Chelsea's policy of signing young players on long-term contracts is well-documented, and after investing more than £1 billion over the past three years, management will give the vast majority of the squad the chance to develop. Chelsea probably need a better goalkeeper than Robert Sánchez, although that is low on the club's list of priorities.
Who are the major targets? Chelsea are interested in Delap, Brighton's Joao Pedro and Sporting CP's Gyökeres. They tried to sign Victor Osimhen from Napoli before he joined Galatasaray on loan, and it is unclear at this stage whether they will revive their interest. Among the preferred wingers are Athletic Club's Williams and Borussia Dortmund's Jamie Gittens. Chelsea were also linked with Manchester United's Alejandro Garnacho in January, and the Argentina international has been told he can leave Old Trafford, although there is conflicting information about the strength of Chelsea's interest. Chelsea must also decide whether to take up their obligation to sign Jadon Sancho permanently from United for about £25m or end his loan spell and return him for a penalty fee of around £5m. Aston Villa forward Morgan Rogers and Crystal Palace defender Marc Guéhi have also been discussed internally.
Who could be leaving? Alongside Sancho, Mykhailo Mudryk's future remains uncertain as he is still provisionally suspended by the FA following a positive drug test. Christopher Nkunku pushed for a move in January, and Chelsea are willing to listen to offers. Ben Chilwell, Carney Chukwuemeka, Armando Broja, Axel Disasi, Kepa Arrizabalaga, João Félix, Renato Veiga and Sterling will return from loans and be made available for transfer. It is unclear whether Trevoh Chalobah will accept a bit role next season after being recalled from a loan spell at Crystal Palace due to injuries.
Any new contracts? In a word, no. Chelsea contracts typically contain clauses that trigger new deals, improved terms or extensions -- as happened with Cole Palmer last year -- but the first-team squad are all on long deals. The club could look to improve midfielder Moisés Caicedo's contract, but there is no pressure given that it expires in 2031. -- Olley
What does the team need? After such a dismal season, you can make a case that every position on the team needs strengthening. The priorities are to sign a striker and a forward. The club has also been keeping tabs on goalkeepers and central midfielders.
Who are the major targets? Matheus Cunha is expected to join from Wolves once United pays his £62.5m release clause. The framework of a deal to sign Delap from Ipswich is also done, but with a number of Premier League clubs interested, he'll be allowed to decide his next move. United have also looked at Crystal Palace duo Eberechi Eze and Adam Wharton, as well as Brentford forward Bryan Mbeumo. The issue, though, is whether United can still afford -- and attract -- the players they want ahead of a season with no European football.
Who could be leaving? The clearout will start with Christian Eriksen, Victor Lindelöf, Tom Heaton and Jonny Evans, who are out of contract and won't be renewed. United will also hope to part ways with Jadon Sancho, Marcus Rashford and Antony, although each of those situations are complicated in their own way. Alejandro Garnacho looks to be on his way out after a falling out with manager Ruben Amorim and his departure would give United a PSR boost because he's classed as an academy graduate. United's financial position means they'll consider reasonable offers for almost any player. Amorim is desperate to keep Bruno Fernandes, but if a massive bid arrives from Saudi Arabia they might have no choice but to accept.
Any new contracts? Harry Maguire is the only senior player out of contract in the summer of 2026, so United have a decision to make with the 32-year-old defender. -- Dawson
TOTTENHAM HOTSPUR
Budget: Winning the Europa League was worth an estimated £100m in extra revenue and Spurs were already comfortably compliant with PSR rules, so it is a question of how ambitious they want to be.
What does the team need? This depends on who you ask. Ange Postecoglou's position as head coach is uncertain, but to continue with his style they need at least one central midfielder, another option across the front line and a backup left back. Postecoglou says he believes more experience needs to be added with Champions League football imminent. And a center back will be required if Cristian Romero departs to Atlético Madrid.
Who are the major targets? Again, it is difficult without knowing who the manager will be. Spurs hold an interest in RB Leipzig midfielder Xavi Simons. They also have negotiated a first option to sign Johnny Cardoso from Real Betis for €25m (though he looks set to join Atlético) and have also been linked with Leipzig striker Sesko. Lille striker Jonathan David has been repeatedly linked and is available on a free transfer, while 18-year-old defender Luka Vuskovic will join from Hadjuk Split in a deal that was agreed to in 2023.
Who could be leaving? Spurs face a major fight to keep Romero as Atlético are expected to make a concerted effort to sign the center back and there are suggestions he would be interested in the move. Postecoglou became frustrated with Richarlison's inability to stay fit for sustained periods and the club could be willing to listen to offers. Spurs must decide whether to move on from midfielder Yves Bissouma or hand him a new deal given there is only a year left on his contract. Timo Werner will return to Leipzig at the end of his loan; Pierre-Emile Højbjerg, Bryan Gil and Manor Solomon were out on loan and must find new clubs. A decision will be taken on whether to make Mathys Tel's loan move from Bayern Munich permanent for a fee of €60m.
Any new contracts? Spurs are talking to midfielder Rodrigo Bentancur about a new contract with 12 months left to run on his existing deal. Mikey Moore has two years left, but the teenage forward is a hugely promising talent and an extension would be welcome. -- Olley
BARCELONA
Budget: Unclear. It will fluctuate depending on what deals are approved by LaLiga -- such as the sale of VIP boxes at the revamped Camp Nou -- and what they generate in player exits. But sources have told ESPN that there is optimism there will be some money to spend.
What does the team need? Barça's team is quite settled, but the squad does need strengthening. Medium term, a goalkeeper, center back and striker are required, but they can get by with what they have for another year if the right options aren't available. Depth at fullback is also a potential issue, but it's another forward to cover Raphinha and Lamine Yamal, which sporting director Deco has said is the priority.
Who are the major targets? ESPN reported Liverpool's Luis Díaz is the type of attacker they would like to sign. Deco admits he's a fan of the Colombia international, while also confirming he likes Manchester United's Rashford. Whom the club eventually go for will depend on the budget. Espanyol goalkeeper Joan García is also a possible target as he has a relatively low release clause around €25m.
Who could be leaving? Ansu Fati, Pablo Torre and Pau Víctor are among the players not to get much game time this season and who will be open to moving on. Goalkeeper Iñaki Peña could also decide it's time to leave. Will Wojciech Szczesny sign a new deal? Beyond them, there are a group of players who are not explicitly available for transfer but could leave if interesting offers arrive.
Budget: Reluctant to pay hefty transfer fees in recent years, Madrid now accept they need to spend big. Last year's accounts saw income top €1 billion.
What does the team need? This season's underperformance highlighted major weaknesses in defense and midfield. New personnel is needed across the back four -- with doubts over what kind of shape long-term absentees Dani Carvajal and Éder Militão will return in -- and a ball-playing, controlling midfielder is required, with Luka Modric having followed Toni Kroos' exit a year earlier.
Who are the major targets? Madrid are already close to wrapping up quite a bit of that much-needed business. Spain center back Dean Huijsen has already signed from Bournemouth for €59m; right back Trent Alexander-Arnold is on the way from Liverpool on a free transfer, with only the timing of his arrival to be determined; and Madrid are working on signing €50m left back Álvaro Carreras from Benfica. Sources told ESPN they wouldn't rule out Madrid signing another defender, depending on how the team performs at the Club World Cup. A midfielder is almost certain to arrive, but the club's preferred option isn't yet clear, despite a host of names being linked.
Who could be leaving? Modric and Lucas Vázquez will both depart after the Club World Cup, and defender Jesús Vallejo is also leaving. Forward Rodrygo wants to talk to new coach Xabi Alonso before making any decisions on his future.
Any new contracts? ESPN has reported that Vinícius Júnior is close to agreeing a new, improved deal until 2030. Otherwise, four senior players are out of contract in 2026: David Alaba, Thibaut Courtois, Antonio Rüdiger and Carvajal. High-earner Alaba, 32, is unlikely to get a new deal, and Courtois, 33, should extend. Rudiger and Carvajal will first have to see how they fit into Madrid's new-look defense when they return from injury. -- Alex Kirkland and Rodri Faez
What does the team need? Diego Simeone wants a revamp in midfield, with a deep-lying central midfielder, and a playmaker, high on the agenda. Atlético are also keen to refresh the team's left side -- both on the wing, and at fullback -- and bring in a center back, while signing another forward also isn't out of the question.
Who are the major targets? Atlético are already negotiating with Villarreal over creative midfielder Álex Baena, sources have told ESPN, with talks underway since last week. There are also discussions ongoing with Real Betis over the USMNT's Johnny Cardoso. On defense, Simeone's preferred option is Tottenham's Cristian Romero, although his signing might not prove straightforward. There's no consensus yet on the candidates for left wing and left back, or the forward.
Who could be leaving? César Azpilicueta and Axel Witsel are set to leave when their contracts expire, and Clément Lenglet's loan from Barcelona will end. There's no sign of a new deal for defender Reinildo Mandava, who is also out of contract, and captain Koke will stay as long as he wants to. Wingers Samuel Lino and Rodrigo Riquelme could both go. Veteran striker Ángel Correa announced his departure after Atlético's last home game, but he has a year left on his deal, and -- despite links to Tigres -- the club insists it has had no offers.
Any new contracts? The club just announced a new deal for young midfielder Pablo Barrios, until 2030. There have been talks with Rodrigo De Paul, whose contract is up in 2026, but no movement yet. And there are some suggestions, although nothing official, that Antoine Griezmann -- whose deal was up next summer -- has already agreed a new contract, on reduced terms, reflecting his role now in the team. -- Kirkland and Faez
Who are the major targets? Obviously, the big one is Florian Wirtz. Bayern were completely focused on signing the midfielder from Bayer Leverkusen. But, following extensive talks with Wirtz and his family, it seems that the 22-year-old prefers a move to Liverpool after all. If they are forced to pivot, Bayern will sign another attacking midfielder, with Crystal Palace's Eberechi Eze and Brighton's Kaoru Mitoma potential candidates. Bayern have also targeted Wirtz's teammate Jonathan Tah, with the defender's contract at Leverkusen about to end. Talented midfielder, Tom Bischof, a member of Germany's squad for the UEFA Nations League finals in June, has already signed on a free transfer from TSG Hoffenheim.
Who could be leaving? Dier and Müller's contracts will run out and won't be renewed, though it seems Bayern would have liked the former to remain at the club. Meanwhile, Bayern hope they can raise €30m from the exit of winger Kingsley Coman to a club from the Premier League or Saudi Pro League.
Any new contracts? Bayern still want to renew Leroy Sané's contract before it expires next month, but things have become increasingly difficult as the 29-year-old winger recently became a client of superagent Pini Zahavi. They have also been in talks with defender Dayot Upamecano. -- Constantin Eckner
BAYER LEVERKUSEN
Budget: It all depends on how much money Leverkusen can generate from Florian Wirtz's exit, with at least €100m likely to be guaranteed plus another €50m in potential add-ons.
What does the team need? Replacements for Wirtz, Jonathan Tah and wing back Jeremie Frimpong (who is set for that €35m move to Liverpool). Essentially, Leverkusen need to address most areas on the pitch and also allow new coach Erik ten Hag to make a few of his own signings to mold the team to his liking.
Who are the major targets? They have identified Frankfurt's Robin Koch as a potential successor to Tah in the middle of the back line. Furthermore, Bayer are also keeping an eye on younger players from top clubs who are not getting enough playing time, such as Germany-born Noah Darvich from Barcelona. As for the attack, Las Palmas' Fábio Silva, Stade Rennais' Arnaud Kalimuendo, and Mainz's Jonathan Burkardt have become targets. Man United winger Jadon Sancho has also been linked to Leverkusen despite the former Dortmund star's struggles in recent years and his high-profile fall-out with Ten Hag at Old Trafford.
Who could be leaving? Tah's contract is expiring, and he is definitely leaving. Frimpong is on the verge of joining Liverpool, which Leverkusen couldn't do anything about thanks to his release clause. Wirtz will be moved if a club can offer a price that matches Leverkusen's valuation. Striker Victor Boniface is expected to leave, and Patrik Schick, the second forward in the squad, as well as Alejandro Grimaldo and Piero Hincapié are contemplating moves. Ten Hag has already talked about essentially building a new squad for next season.
Budget: After spending roughly €80m last season, sporting director Sebastian Kehl has a much lower budget at his disposal this year. If Dortmund don't generate any money through player exits, he will be allowed to spend only €15m-€20m -- though additional income could be generated through the Club World Cup.
What does the team need? Despite a successful late-season push to land a place in the Champions League again, Niko Kovac's side need to sort through the squad and part ways with a few players to start a soft rebuild. Nico Schlotterbeck, Karim Adeyemi and Serhou Guirassy are the players they would like to build a team around.
Who are the major targets? Dortmund have been chasing Sunderland's Jobe Bellingham, Jude's younger brother, and are still in the hunt for Lyon forward Rayan Cherki, even though a deal fell through on the final day of the January transfer window and there was some tension between the clubs because of it. Moreover, Dortmund want to keep promising Chelsea midfielder Carney Chukwuemeka, who arrived in January on loan.
Who could be leaving? The expectation is that Jamie Gittens will be departing, as he played only a minor role under Kovac since December. USMNT star Giovanni Reyna and Turkey midfielder Salih Özcan are also likely candidates for a summer move.
Any new contracts? Dortmund will sign Daniel Svensson to a permanent deal for €6.5m after he arrived on loan from FC Nordsjaelland in early February. Dortmund still have to decide what to do with Niklas Süle, Julian Brandt and Emre Can. All three are under contract until 2026 and were strong performers toward the end of the season, but they are also top earners who haven't been the most reliable in recent years. -- Eckner
PARIS SAINT-GERMAIN
Budget: The club's finances are good after the great Champions League efforts of the past two seasons, another domestic league title and the lucrative Club World Cup to come as well. So there will be around €100m to spend.
What does the team need? The squad doesn't need much work done. It is young, talented, well-built and perfectly fitted to Luis Enrique's style and philosophy. Stability and continuity are key. Yet, a right-footed center back, who could also play right back, is wanted. Another midfielder could also be added.
Who are the major targets? The priority is the right-sided center back and at the top of the short list are two names whom the club is already in advanced talks with: Valencia's Cristhian Mosquera and Club Brugge's Joel Ordóñez. Both players could be signed for around €30m and they can also play right back. Luis Enrique is a big fan of Liverpool defender Ibrahima Konaté, 25, who was born and raised in Paris and has only one year left on his contract. But Benfica's Tomás Araújo has also been scouted. In midfield, Luis Campos is a big fan of Club Brugge's Ardon Jashari and AS Monaco's Maghnes Akliouche, while PSG are following two creative wonderkids in Red Star Belgrade's Andrija Maksimovic and River Plate's Franco Mastantuono.